hello, Well today when i logined in my paypal account i noticed that it was asking phone number and PAN card . and then i came to dp to see many other had same problem . But i want to know i don't have a PAN card and i don't think ill get one in near future . so what should i do ? just switch to another payment processor or is their any way to get rid of this . Please guide me . need urgent help. Thanks, Lucky
Yes it is very easy to get. You can get it with in 7-10 days. There will be numbers of agents in your locality who can help you. However you can visit your local Pan card office if you don;t want to hire any agent. Regards
Everyone who is resident of India is eligible to get PAN CARD and it is compulsory now to have PAN Card otherwise you can't do any cash transaction over Rs. 50000 also if you don't have PAN Card then it will be troublesome in near future with every bank transaction. There is no age limit to apply for PAN card and nor it is necessary to be a Tax payer. all you need is identity proof and date of birth proof. You can apply for PAN card in your cities Income Tax deptt. or ask any accountant to apply for you.
@adityastar thanks for the info that really helped me . But after getting my PAN card if i submit it in my paypal is it safe . my transaction is only about 200$ per month or even less . Do i have to pay tax for that amount ?
If this is your only source of income, you are not required to pay any tax, though you will have to file a return... but if the combined total of this income and your income from other sources is more than Rs. 160000 in a financial year, you will be required to pay tax! Regards, RightMan
Having PAN card doesn't mean you have to file ITR (Income Tax return) every year, but it would be good if you want to do business in long run because for various setups you are required to give 3 year ITR details. So if you want to look for future then file it otherwise no problem. Also there will be no deduction of Tax if you keep your money in paypal as it is not in India, but if you tried to get it to your Bank account then you will need to file your Income Tax return that year (so that you may not face any problem later). and it is safe to give your PAN card to paypal as it can't be misused.
Apply for it without asking any ideas or suggestions here, you will get it in 7-8 days, and i think its must for all Bank account holders from April 1st